Trades below the tender price range, expiration date is set for mid-June
The company has launched a tender offer to repurchase a portion of its own shares, with the price set within a fixed range. Recently, the stock slipped below the lower end of that range, creating a timely opportunity with low-risk upside, and a built-in option on the tender getting priced above the lower limit or the shares rallying before the tender expiration.
This is the first tender offer ever for this company. However, it has been ramping up open market buybacks lately. It repurchased 6% of its shares in 2024, and then 4%+ in Q1 2025.
On a five-year chart, the stock hit rock bottom earlier this year—just ahead of the tender announcement—and remains near those lows despite the recent rebound.
Meanwhile, the valuation gap to peers has widened. The company now trades at just 3.3x EBITDA, well below the 5.5x+ multiples seen across the peer group.
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